It was another day of considerable chop in equity land, the SPX settling +0.03% to 6068.
sp’weekly1b
Summary
SPX: weekly momentum remains moderately negative. Best guess… a washout to 5905, and then rebounding into early March.
*I’d just add… m/t bullish, unless a monthly settlement under the monthly 10MA, <5700 to be decisive, and that doesn’t look likely any time soon.
–
Looking ahead
Wednesday will see CPI, consensus:
Headline y/y: 2.9% vs 2.9% prior
Core y/y: 3.2% vs 3.2% prior
Other data: US T-budget (2pm)
Earnings: $VRT $CVS $GOLD $GNRC $BIIB $RDWR $KHC $PX $QSR $R $RDDT $APP $HOOD $BROS $ALB $KGC $TTD $CSCO $MGM $ASPN
Event: 10am – Powell to the US Congress
–
Final note
‘The term “silent majority” has been used honestly for centuries, but it originally was used to refer to the dead. ‘ – Armstrong.
–
Geo-pol’ chatter, and this one is highly recommended, as the war drums are louder than ever. If anything, I’d be bullish oil and the related energy stocks.
*I will hold OXY into earnings… due next Tues’ AH.
Goodnight from London